Saudi Aramco: Mining Is Not About Us
Global oil giant Saudi Aramco has not confirmed reports that the company intends to start mining bitcoins in the near future.
Recently, there have been all the reports that Saudi Aramco plans to start a bitcoin mining business. For example, bitcoin miner Ray Nasser released information that at the moment, his company is in talks with Saudi Aramco on the use of excess energy for the production of BTC produced by oil companies.
However, despite all the rumors and incoming information, Aramco said that the company will not be mining bitcoins and that all these rumors and statements are false and not true.
Bitcoin mining is a very energy-intensive process, Saudi Aramco, due to its activities and capabilities, can provide the necessary energy for the needs of cryptocurrency mining. The company is the world's largest oil producer; in the process of oil production, associated petroleum gas is flared, which incurs economic and environmental losses. If the released energy from the combustion of associated gas is used for the needs of mining, then this will minimize the operating costs of maintaining and servicing mining farms.
Many oil companies are thinking about this and hope to take advantage of this by using associated petroleum gas to generate electricity for the needs of cryptocurrency mining.
Saudi Aramco and blockchain integration
This is not to say that Saudi Aramco is a newcomer to blockchain technology, the company is currently implementing DLT (Distributed Ledger Technology) into its system. The company intends to use this technology for supply management operations, standardize business processes and increase efficiency while reducing costs.
The oil giant is also known for its investments in two blockchain projects, Data Gumbo and VAKT, which work to manage and automate contracts and accounts. All of this demonstrates that Saudi Aramco is keeping pace with the times and striving to gain a foothold in the fast-growing blockchain industry.
Back in 2019, Saudi Aramco said the company is committed to achieving zero-volume destruction of natural gas by 2030. But the company believes that cryptocurrency mining is controversial in terms of energy consumption and it is not known whether the oil giant will change its mind or not in the future.
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